Press Releases

DIFC to Host Dubai World Insurance Congress

Dubai-UAE: 6 February 2017 – Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asian region, will co-host the first ever Dubai World Insurance Congress (DWIC) from 28 February to 1 March, 2017 reinforcing its commitment to supporting innovation and growth in the sector.

The congress is being held at a time when the GCC’s insurance sector is projected to reach US$62.1 billion by 2020 and set to grow at a compound annual growth rate of 18.7% between 2014 and 2020.

Held in collaboration with Global Reinsurance, the leading reinsurance thought leader, and the DIFC Insurance Association at the Jumeirah Beach Hotel, Dubai the event is set to stimulate debate around the key issues faced by the insurance sector and attract close to 500 senior insurance executives from around the world.

Speakers will include Arif Amiri, CEO of DIFC Authority, as well as Dame Inga Beale, CEO of Lloyd’s of London, Dennis Mahoney, CEO of RFIB and Giles Ward, Regional President – Eurasia & Africa of Chubb. The conference will explore what is next in a young, traditionally under-insured yet rapidly growing region.

In addition, the Congress will feature ‘Global Insurtech’ – a segment providing access to firms shaping the future of insurance and exploring the impact of disruptive innovation, as well as ‘Innovation Labs’ – through a series of sessions showcasing innovative thinking in insurance such as Artificial Intelligence, social media trends, big data and analytics, machine learning and the implications of the Internet of Things.

The Meeting Hub and Lloyd’s Coffee House will provide dedicated networking areas where attendees can network and do business amongst delegates comprising insurers, reinsurers, brokers, government, corporate risk managers and insurance managers.

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “Innovation is currently changing the shape of the insurance industry. This means it is a perfect time for the DIFC to help bring together key industry players to discuss how to embrace new business models, Islamic compliance, big data analytics, smart technologies and regulatory reforms – all of which are changing the game, and bringing new opportunities.”

Mr. Amiri continued: “The DIFC is the region’s leading international financial centre. We are home to most of the world’s leading insurers and reinsurers, and they benefit from an established environment which encourages innovation within a robust regulatory and legal framework. We are proud to be playing our part in creating an environment that is conducive to growth, built on the basis of a clear, stable and internationally competitive ecosystem. I look forward to the engaging dialogue the inaugural World Insurance Congress will undoubtedly stimulate amongst world experts in the field.”

The DIFC is a top insurance and reinsurance hub and is home to more than 200 underwriters, 98 insurance-related entities and more than 1,000 insurance related staff. It has also recently launched the FinTech Hive at DIFC, an accelerator concept set to attract the world’s leading FinTech firms to the region, with InsurTech set to be a major pillar in its initiatives.